Deposit rules changed at Post offices for benefit of account holders

After getting many complaints from the customers, the Department of Post has now declared that account holders can now deposit a cheque of any amount at non-home branch.Earlier the limit of making a deposit was up to  ₹25,000 only in a day at non-home branch.

In a statement, the Department of Post said that this change of the maximum limit will be applicable  post office savings account, Public Provident Fund (PPF) and Post Office Small Savings (POSS) schemes, Sukanya Samriddhi Account (SSA) and Recurring Deposit (RD).

All post office savings banks or POSB cheques  which are issued by any core banking solutions branch or CBS will be acceptable by any post office branches and these should not be sent for clearance. There is no maximum limit on the non home branch deposit now.

“All POSB cheques issued by any CBS Post Office, if presented at any CBS Post Office should be treated as at par cheques and should not be sent for clearing,” the Department of Post said in a statement.

Although, the cheques of more than ₹25,000  would not be acceptable by the post office branch for a cash withdrawal at a non-home branch. “No POSB cheque for more than ₹25,000 should be accepted for cash withdrawal at other SOLs (service outlets) in a day,” the statement said.

For the benefit of PPF account holders, the government also has changed the deposit rule. As per these newly issued rules, a PPF account holder will be able to make deposits in multiples of ₹50 any number of times in a financial year, with a maximum of a combined deposit of ₹1.5 lakh a year. Before these changes the maximum of 12 deposits were allowed in a period of one year.